Economic fundamentals leading into 2012 have set a generally positive pace with GDP growth likely to pick up through the coming year. However, there are several important caveats to note as the world economy continues to face headwinds and risks weigh to the downside. Positive outlooks are conditional on fiscal policy in payroll taxes and unemployment insurance benefits and upon the easing of the European debt situation. A repeat of volatility experience in 2011 is likely in 2012, as perceptions about the strength of the U.S. economy and the euro zone will vary over time as events unfold.

Despite the current situation, our team continues to identify high momentum situations with growth potential -- there remains strong opportunity within careful discretion.

Market Foundations is releasing new coverage on HDFC Bank Limited (ADR) for its current position within the financial industry. HDFC Bank Limited (the Bank) is a banking company. The Bank is engaged in providing a range of banking and financial services. The Bank operates in four segments: treasury, retail banking, wholesale banking and other banking business. The full research report on HDFC Bank Limited (ADR) (NYSE: HDB) is available here: www.MarketFoundations.com/index.php?coa=HDB.

Market Foundations has released research on ICICI Bank Limited (ADR) for its changing role within the financial industry. ICICI Bank Limited (the Bank) is a banking company. The full research report on ICICI Bank Limited (ADR) (NYSE: IBN) is available here: www.MarketFoundations.com/index.php?cob=IBN.

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